Wanted to help my friend in getting mortgage loan for $240k by adding my name as co applicant. My co
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It is not something I would recommend doing at all....I think it would be a very POOR financial decision to make.
I think ALL interest on the mortgages would be tax deductible BUT you may have to split that between tax returns for your friend and yourself BUT I think the problem you will run into is that you will be taxed higher on your "second home". That is the way it is in Michigan, you pay lower property taxes on your main property (homestead) but you get taxed beyond belief on your second homes (vacation homes, non-homestead they call it in michigan) so you pay MUCH higher property taxes on your second home.
The last question I am not sure about...this would be best asked to a CPA- certified public accountant.
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